P.E.I. inflation drops to 9.5 per cent but remains the highest in the country

CHARLOTTETOWN, P.E.I. — P.E.I. now not has double-digit inflation.

Knowledge launched by Statistics Canada on Aug. 16 revealed the province nonetheless maintains the best charge of inflation within the nation. However the province noticed a decline for the second month in a row in July, dropping from a year-over-year charge of 10.9 per cent in June to 9.5 per cent in July.

Canada’s nationwide charge of inflation additionally dipped in July, from 8.1 per cent in June to 7.6 per cent.

The decline in P.E.I.’s inflation charge in July was largely attributable to decreases in the price of gasoline and power. The price of meals elevated barely in July, in comparison with June whereas the price of shelter remained largely static.

Drivers in Charlottetown and Summerside paid a median worth of $1.96 a litre for normal, unleaded gasoline all through final month – a full 58 cents greater than they might have paid in July 2021. This represents a 43 per cent enhance year-over-year, based on Statistics Canada.

Nationally, prices related to journey corresponding to airfare, inns and excursions had been deemed to be the primary drivers of a rise in client costs in July, together with pure gasoline. The lowering price of gasoline, together with drops in costs for ladies’s clothes, electrical energy and gasoline, elements and equipment for leisure automobiles additionally contributed to the declining inflation charge.

The value of gasoline was 35.6 per cent increased in July 2022 than in July 2021 throughout Canada. The value of gasoline fell probably the most in July in Ontario, the place the Ford authorities selected to quickly reduce provincial gasoline taxes for a six-month interval.

Throughout the nation, the price of inns rose virtually 48 per cent in July in comparison with the identical month in 2021.

Stu Neatby is a political reporter with the SaltWire Community in Prince Edward Island. He might be reached by e-mail at [email protected] and adopted on Twitter @stu_neatby.